Code of Alabama - Title 27: Insurance - Chapter 33 - Trusteed Assets of Alien Insurers

• Section 27-33-1 Applicability of chapter
  This chapter applies to all alien insurers using Alabama as a state of entry to transact insurance in the United States.
• Section 27-33-2 Deposit of assets in trust
  (a) An alien insurer may use Alabama as a state of entry to transact insurance in the United States by making and maintaining in this...
• Section 27-33-3 Existing trusts
  All trusts of trusteed assets heretofore created and now existing shall be continued under the instruments creating them, unless inconsistent with the provisions of this
• Section 27-33-4 Purpose and duration of trust
  The deposit required by Section 27-33-2 shall be for the benefit, security, and protection of the policyholders or policyholders and creditors of the insurer in...
• Section 27-33-5 Trust agreement - Requirement; approval by commissioner
  (a) The deposit referred to in Section 27-33-2 shall be made under a written trust agreement between the insurer and the trustee, consistent with the...
• Section 27-33-6 Trust agreement - Authority to make and execute
  An alien insurer proposing to use Alabama as a state of entry to transact insurance in the United States, whether or not it is then...
• Section 27-33-7 Trust agreement - Amendment
  A trust agreement may be amended, but the amendment shall not be effective until filed with and approved in writing by the commissioner as being...
• Section 27-33-8 Trust agreement - Withdrawal of approval
  The commissioner's approval of any trust agreement, or of any amendment thereof, may be withdrawn by the commissioner if he finds upon hearing, after notice...
• Section 27-33-9 Trusteed assets - Title
  Title to the trusteed assets is vested in the trustee or trustees and their successors for the purposes of the trust deposit, and the trust...
• Section 27-33-10 Trusteed assets - Separation; record
  The trustee shall keep the trusteed assets separate from other assets and shall maintain a record thereof sufficient to identify trusteed assets at all times.
• Section 27-33-11 Trusteed assets - Trustee statements
  (a) The trustee of trusteed assets shall from time to time file with the commissioner statements, in such form as he may designate and request...
• Section 27-33-12 Trusteed assets - Examination
  The commissioner may examine trusteed assets of any insurer at any time in accordance with the same conditions and procedures governing the examination of insurers...
• Section 27-33-13 Trusteed assets - Withdrawal
  (a) The trust agreement shall provide, in substance, that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee...
• Section 27-33-14 Trustees - Substitution
  (a) A new trustee, or new trustees, may be substituted for the original trustee, or trustees, of trusteed assets in the event of a vacancy...
• Section 27-33-15 Trustees - Compensation and expenses
  The compensation and expenses of any trustee, or trustees, of assets of an alien insurer under this chapter shall be borne by the insurer in...
• Section 27-33-16 Canadian insurers
  The provisions of this chapter applicable to a United States manager shall, in the case of insurers domiciled in Canada, be deemed to refer to...

Last modified: May 3, 2021